New documents show the Sacramento downtown arena project could cost $92 million more than originally projected, according to the paperwork obtained by KCRA 3 on Monday.

“The city is moving down a track that is reckless,” said Craig Powell, president of Eye on Sacramento, a government watchdog group.

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The Sacramento City Council already has voted to borrow $212 million for the new Kings arena, but Powell insists the ultimate price tag – and the risk – could be much higher.

“Additional costs come at the expense of the taxpayer,” Powell said.

Powell scrutinized financial documents from the city’s lead underwriter, Goldman Sachs, to project the true cost of borrowing – not at $212 million, but rather, $304 million, or $92 million more than what the public was told.

“What we computed is the cost to the average taxpayer is over $5,000, over the course of the bond,” Powell said.

While the cost of the arena hasn’t changed, there will be additional expenses for bankers’ fees, legal fees, debt service and parking improvements to help finance the project.

Will taxpayers have to take on more debt than what was first believed?

“Yes,” said Russ Fehr, Sacramento’s city treasurer. “It won’t be $303 million. It will be some lower figure,” Fehr told KCRA 3. “All debt financings are greater than the amount for the projects funded. They always include additional costs for debt service reserves.”

Fehr told KCRA 3 that Sacramento used pessimistic revenue estimates for parking and added $10 million in additional costs to create a worst-case scenario for financing.

But Fehr is certain that taxpayers will not be at risk.

“The discussion of the size of the bond issue concerns are overstated and premature,” he said.

Arena supporters said the new numbers won’t kill their momentum in getting a new facility built.

“Absolutely not,” said Joshua Wood, executive director of DowntownArena.org. “This project is an incredible investment in what our future is for our city. It’s going to create 4,000 jobs and $7 billion of economic activity."

But critics are pushing for a public vote on the arena subsidy next June.

“The working families of Sacramento are going to be asked to shoulder this massive debt,” said Julian Comacho, president of Sacramento Taxpayers Against Pork. “I believe we’re headed for a fiscal cliff.”

Fehr releases his full report on Thursday. He will then brief the City Council on Dec. 10.

Right about that time, arena opponents expect to find out if they have gathered enough petition signatures to force a vote on the ballot next June.